office

Financial/key figures

Grieg Star has a strong profitability track record and a solid balance sheet with a healthy equity ratio and with strong financial relations.

Annual Reports

All business segments in the group had a rough year in 2015, but to varying degrees. The result from the dry bulk operation is strongly influenced by impairments and loss provisions, as dry bulk freight rates were severely hit by weaker demand for seaborne transportation and ample supply of new tonnage. On the other side, the open hatch operation, which is more industrial in nature, did not experience the same decline in earnings. Rather on the contrary, Grieg Star’s open hatch activity delivered better than one could expect, given how negative the general dry bulk market evolved throughout 2015.

Grieg Star operated 44 vessels commercially on an annual basis in 2015 vs. 46 vessels in 2014, carrying close to 12m tons of cargo vs. almost 13m tons in 2014. The cargo volume was split about 60/40 between open hatch and dry bulk, of which 68% of the volume carried on open hatch was forestry related.

In total, Grieg Star’s result before tax ended up at minus USD 59.0m in 2015 vs. minus USD 1.3m in 2014 and minus USD 60.9m after tax (minus USD 2.8m in 2014).

See the whole annual report here: